In the wake of OpenAI‘s launch of the cutting-edge platform, ChatGPT, which has sparked a fresh wave of intrigue in the field of artificial intelligence (AI), the technology quickly began showcasing its prowess across various sectors, including delivering valuable insights into the dynamic world of stock investments.
With the current year gradually drawing to a close, numerous financial experts turned to this AI-driven chatbot to glean insights into potential stock market opportunities in the year to come. Leveraging the wealth of data it has at its disposal, the chatbot was asked on October 18 to pinpoint five stocks that could reward investors in 2024 with a potential price surge.
Nvidia Corporation (NASDAQ: NVDA)
With no introduction needed, ChatGPT’s first pick was chipmaking giant Nvidia (NASDAQ: NVDA). The company’s market-leading graphics processing units (GPUs) have become essential in AI, gaming, and data centers.
“Nvidia’s GPUs are driving the growth of AI, deep learning, and autonomous systems, with applications in healthcare, self-driving cars, and more. Their continuous innovation and aggressive acquisition strategy have positioned Nvidia as a key player in the booming tech industry.”– said ChatGPT.
With robust demand for GPUs and their expansion into data center and edge computing, Nvidia seems poised for strong growth in 2024, it added.
The NVDA stock more than tripled in 2023, thriving on the unprecedented AI boom.
Amazon.com Inc. (NASDAQ: AMZN)
Primarily, Amazon Web Services (AWS) is the largest provider of cloud services on the globe and the company’s main profit driver. Additionally, Amazon is exploring emerging technologies, including AI and automation.
“As the demand for online services and e-commerce continues to grow, as well as for AI and cloud, Amazon’s diversified portfolio and relentless focus on customer experience make it a compelling choice for investors in 2024.”– ChatGPT wrote.
Amazon’s stock price rose more than 53% in 2023, currently trading at $131.47.
Meta Platforms (NASDAQ: META)
Meta Platforms (NASDAQ: META), formerly Facebook, is pioneering the future of social networking, focusing on virtual reality and the metaverse. With Oculus and other VR initiatives, Meta aims to transform how people interact online, opening up new horizons for communication, gaming, and commerce.
However, the rapidly growing AI technology is just as big of a focus for Meta, unveiling several AI solutions and models over the past few months.
This “forward-looking approach to technology and connectivity aligns with the evolving digital landscape, making it a stock to watch in 2024,” ChatGPT said.
After a challenging 2022, Meta’s shares rocketed roughly 160% this year, surging from around $124 to the current $324 apiece.
Tesla, Inc. (NASDAQ: TSLA)
The EV market continues to expand, and Tesla’s innovative products, battery technology, and network of Superchargers give it a significant edge.
Furthermore, Tesla’s autonomous driving technology known as ‘Full Self-Driving (FSD)’ and the upcoming launch of the long-awaited Cybertruck could further reinforce the company’s leading position in the auto industry.
“As environmental concerns and EV adoption rise, Tesla’s forward-looking approach to electric mobility and renewable energy should keep it on the radar for investors in 2024.”-the AI bot noted.
Tesla’s stock more than doubled this year from $108 to around $255, underscoring the investors’ confidence in the EV giant.
Alphabet (NASDAQ: GOOGL)
Last but not least is Alphabet (NASDAQ: GOOGL), the parent company of Google.
As ChatGPT described, Google and YouTube are integral parts of online life.
Beyond this, Alphabet is “a major player in cloud computing with Google Cloud and is making significant investments in artificial intelligence.”
Like OpenAI, Alphabet also took the world by storm this year with the launch of its own generative AI bot, Google Bard.
“Their involvement in areas such as autonomous vehicles and life sciences underscores their commitment to innovation.”– ChatGPT said about Alphabet.
With an expansive digital ecosystem, the tech titan is well-positioned to capitalize on the growth of online services, cloud computing, and AI, making it an attractive option for investors for the next year.
Shares of Alphabet soared around 57% in 2023, taking its market capitalization close to the $1.8 trillion mark.
In summary, the tech giants – Nvidia, Amazon, Meta Platforms, Tesla, and Alphabet – present compelling investment opportunities in 2024. These companies, each in their respective fields, have demonstrated a history of innovation, adaptability, and a forward-looking approach to technology.
As they continue to shape the future of AI, cloud computing, electric vehicles, and connectivity, they remain prime candidates for investors seeking growth and innovation in the coming year.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.